November 11, 2013 11:21 AM | 1 min read |
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
In a report published Monday, UBS analyst Michael Lasser upgraded
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
(NYSE: BBY) from Neutral to Buy and raised the price target from $35 to $49. Lasser noted that CY14 estimates will likely move to greater than $3 versus the current $2.75. Likewise, CY15 estimates will likely move from $3.09 to $3.50+. These increases are due to factors including a gaming boost, connectivity with more vendors, Amazon and Google kiosks in stores and Best Buy's Renew Blue plan. The Renew Blue plan is expected to produce $1 billion in cost savings. UBS forecasts that Best Buy will have $1.1 billion in net cash by the end of the year, and will likely grow another $700 million by the end of FY 2015. Lasser further comments, "The complicated nature of Best Buy's business means that its share can easily become mis-priced. We think the stock still under-appreciates the company's earnings potential. As further signs of its progress emerge, we think the shares will move higher." Best Buy is up 258% YTD versus the S&P 500 which is trading +33% for the year. Shares of Best Buy closed at $42.41 on Friday and is currently +3.04%.
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